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Redefining Compliance
FinCEN's new effort to clarify MSB regulations
by Bill Koch, Editor, Compliance Advisor
Are you one of those people who can find five things in the kitchen and somehow produce an incredible meal? The rest of us mere mortals can only watch you in wonder as we nervously pore over every word in a recipe, praying we don’t make a mistake. [ Read More ... ]
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New help for deciphering MSB regulations
Trey Sullivan |
Whether it’s making a new recipe, talking to a teenager or
making sure your bank is compliant with federal regulations, exact words can
make the difference between success and failure. Many banks have felt the federal
regulations around MSB and cash transaction records lack exact words. Banks
wonder what federal regulators really want to see during an audit. In our
feature article, John Byrne,
senior
counsel and director of the Center for Regulatory Compliance with the American
Bankers Association, explains the new efforts FinCEN has undertaken to
educate banks and auditors on the MSB regulations.
Last month, we asked how you can instill “old school” values
in a “slacker” employee. This month, we ask if it is worth the effort to train
an employee to become a compliance advisor. Should you risk mistakes while you
build on someone’s potential?
We need your best advice.
To keep this material relevant to you, I invite you to
become actively involved with this newsletter. Please send ideas for articles
you’d like to see. Let me know how successful we are at topics that are
relevant to you—and your career.
Take our brief survey on your
compliance needs and you’ll be registered for $500 gift certificate drawing.
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Help Us With Your
Opinion |
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Our
goal at ATTUS Technologies is to continually develop new and effective
compliance management solutions for financial institutions. Input from our
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Last Issue's Dilemma:
How can I instill the "old school" work ethic?
Since I have
only 10 customer service reps at our community bank, even one who is not
productive creates a problem. I hired "Robert" right out of college. It bothers
me to see the lack of commitment he seems to have. He is often late, misses
days and seems to feel that’s OK. His work gets behind and it doesn't seem to
faze him. If he is having a bad day, he is rude to our bank’s oldest
customers. Taking "shortcuts" and missing details, which generate extra work
for me, seem to be the norm.
I have
trained him and explained his importance to our success. We pay a fair salary
and have tried positive motivation. Nothing seems to work. He’s a nice enough
guy and I don't want to give up on him, but his lack of work ethic results in
me not being able to focus on building new business and customer service when
he's working. Perhaps I’m dating myself, but it seems to me that he just
doesn’t understand the "old school ethic"—that a successful career doesn’t
happen without hard work and dedication. I could replace him, but I already
have a big investment in him. I could "'crack the whip" and be intimidating, but
that’s not my style or wish.
Would you ask your readers how they would instill that
"old school
ethic" in him?
—Old-school
in Oklahoma, institution withheld
Read the best advice from readers
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This Issue's Dilemma:
Climbing the learning
curve
We
currently do not have an internal compliance officer. In the past, we used an
outside consultant. However, our immediate OCC exam has shown that the consulting
firm may not have done all that was needed to comply with BSA and Flood
determination.
We
have an employee who has been with our bank less than one year, but has the potential
to be an outstanding compliance officer. The downside is the substantial
learning curve in training someone to be a compliance officer.
Is
it worth taking the time—and risking non-compliance—to train someone who shows
such potential? How can we close the compliance gaps that might affect our
institution while this person is trained appropriately? Should we simply stick
with the relative safety of an outside consulting firm that already has the
knowledge?
—Diane
G., Vice President of a community bank
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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